From $300 - $15,000
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Loan Information
Small Loans
$300 – $2,000 Loan Amount
3 months min – 12 months max
Cost
20% upfront establishment fee + 4% monthly fee
In APR terms, the maximum annual percentage rate on these SACC loans between $300 and $2000 is 199.43%
Representative Example
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.
Dislaimer:
Under the current legislation, most small personal loan providers don’t charge an annual interest rate% (you’ll know this as an APR). The maximum you will be charged is a flat 20% establishment fee and a flat 4% monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%
Warning:
This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Medium Loans
$2,001 – $5,000 Loan Amount
13 months min – 24 months max
Cost
Maximum 48% annual percentage rate (APR)
67.41% comparison rate p.a.
In APR terms, the maximum annual percentage rate on these loans between $2001 and $5000 is 48%
Representative Example
Based on a Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.
Warning:
This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Large Loans
$5,001 – $15,000 Loan Amount
13 months min – 72 months max
Cost
Minimum 5.75% – Maxmimum 48% annual percentage rate (APR)
6.47% – 48% comparison rate p.a.
In APR terms, the maximum annual percentage rate on these loans between $5001 and $15000 is 48%
Representative Example
Based on Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.
Warning:
This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Frequently Asked Questions
What is a short term loan
Short-term loans are loans with a principal ranging between $200 – $2000, with repayment terms between 16 days and 12 months. Repayment typically involves a direct debit from a borrower’s bank account, or a deduction from their pay. Lenders who offer short-term loans are required by law to display a warning that provides other borrowing options than a short-term loan.
Should I take out a short term loan
Consumers facing a cash shortfall between paydays may consider taking out a short-term loan, as they provide relatively fast access to cash. This might be done if the borrower doesn’t have a credit card or overdraft facilities, or any other fast access to funds. Short-term loans are a relatively expensive solution, however, so the decision to take out a short-term loan should include close assessment of all fees, charges, and interest costs involved.
How I apply for a short term loan
The majority of short-term loans available in the market can be applied for online. There are still a number of store-front lenders throughout Australia where consumers can apply in person. The application process tends to vary depending on the lender, although most lenders online provide similar functionality to select the loan amounts and repayment terms. Lenders may also ask applicants to input their credit rating which may affect the amount of interest applied to the loan. Applicants will need to provide the following information:
- Personal contact details, including a form of identification and the reason for the loan
- Details of employment, including salary, payslips, payment frequency and evidence of your regular income (if self-employed, you may need to provide some evidence of business activity statements or tax verification)
- Information about pre-existing debts, credit or other assets
- Details of any Centrelink payments, or another social benefit.
- Lenders, on occasion, may request additional documentation not listed above. In most cases a decision is likely to be made within a few minutes, however, it may sometimes be longer depending on your application and additional information that may be required.
